Amplitude Announces New Customer Data Platform, Industry’s First Insights-Driven CDP

Rhea-AI Summary

Amplitude, Inc. (NASDAQ: AMPL) has launched Amplitude CDP, the first insights-driven customer data platform (CDP) that integrates seamlessly with its top-ranked product analytics solution. This innovative platform addresses critical challenges in the CDP market by enhancing data quality, enabling better audience discovery, reducing costs, and accelerating time-to-insights. With over 1 trillion customer data points analyzed monthly, Amplitude CDP aims to provide actionable insights for product and marketing teams, ultimately increasing customer engagement. The platform will be available for free for customers streaming fewer than 10 million events per month.

Positive

• Launch of Amplitude CDP as a first-of-its-kind integrated solution.
• Seamless integration with existing product analytics to improve data quality and reduce costs.
• Free access for customers streaming fewer than 10 million events per month.

Negative

• None.

Amplitude CDP natively integrates with Amplitude’s #1 ranked product analytics solution to proactively improve data quality, reduce costs, and increase customer engagement

LAS VEGAS--(BUSINESS WIRE)-- Amplitude, Inc. (Nasdaq: AMPL), the pioneer in digital optimization, today announced the launch of Amplitude CDP, the first insights-driven customer data platform (CDP). Unlike other CDPs that require connecting to third-party analytics solutions, Amplitude CDP both collects and analyzes event data with its natively integrated industry-leading product analytics solution. With Amplitude CDP, product and marketing teams proactively improve data quality, analyze and discover new audiences, and sync data across their marketing and data stack. Amplitude’s CDP coupled with analytics helps customers become more operationally efficient, enables better, faster decision making, and increases customer engagement.

Amplitude CDP (Graphic: Business Wire)

The goal of CDPs is to collect data that lead to insights that enable data-driven decision-making and customer experiences. However, through working with thousands of companies and analyzing over 1 trillion customer data points per month, Amplitude found critical unsolved challenges in the CDP market, which is currently estimated to reach $20.5 billion by 2027. Data that is not proactively managed reduces the quality of insights. The various teams that collect, analyze, and take action on customer data struggle to collaborate across multiple solutions. And maintaining both a CDP and Product Analytics solution leads to duplicative costs and implementations. With Amplitude CDP, customers have an integrated suite to turn high-quality data into actionable insights.

Key benefits of Amplitude’s insights-driven CDP include:

• Improved data quality — ​​Data planning and governance are built-in to help data and engineering teams proactively maintain trust and quality.
• Better audience discovery — Many CDPs move right from data collection to activation, offering segmentation but assuming companies know what audiences to target. Now, deep segmentation combined with analytics helps teams discover audiences based on insights, putting audience discovery before audience activation for maximum engagement.
• Reduced costs and redundancies — With analytics natively integrated within Amplitude CDP, Amplitude eliminates duplicative costs for customers by providing a single platform that serves as the foundation for data, the engine for insights, and the driver for action.
• Accelerated time-to-insights — Built-in analytics unites product, growth, and marketing around shared data to unlock insights and actions anywhere in the stack.

“Customer data platforms entered the market with the promise of making personalization a reality, but aggregating data is only step one. As companies look to provide tailored product experiences, they need trusted data that provides insights about their existing audiences and helps them identify new ones, all without unnecessary costs for their business,” said Spenser Skates, CEO and co-founder of Amplitude. “At Amplitude, we have spent the last few years helping customers solve the problems that existing CDPs in the market were unable to. With the launch of Amplitude CDP, we are now providing customers with the ability to provide meaningful, personalized experiences all from a single platform.”

For years, Amplitude has been introducing capabilities that help teams collect, manage, and activate customer data. More than 50% of Amplitude customers currently send data from Amplitude to other tools in their stack and Amplitude’s integration ecosystem has grown to more than 65 out-of-the-box connectors. Today, customers like Kahoot!, Hex, InvoiceSimple, Marco Polo, and Thrive Market are already using Amplitude CDP and have access to expanded capabilities to drive accurate, actionable insights.

Key innovations include:

• Unified user interface (UI) — Create a single taxonomy for all digital analytics use cases to collect and capture consistent data in one UI.
• Event streaming — Federate data to martech, ad, and attribution vendors as well as data pipelines like Amazon Kinesis and Google Pub/Sub through a no-code configurable UI in the Data Connections catalog.
• Real-time audience syncing — Match the cadence of marketing campaigns and use customer behavior to drive in-the-moment engagement with real-time syncs that refresh audience lists every minute.
• Developer toolkit — Proactively collaborate with developers to define tracking plans with a best-in-class developer toolkit that saves engineers time and helps automate data validation with tracking libraries—no more typos, forgotten properties, or inconsistent naming conventions.

“Capturing, managing, and understanding every touchpoint across the customer journey is critical to business growth, and we needed a single source of truth from which to understand and better predict our customers’ behavior,” said Sasha Siddhartha, co-founder and CTO at Thrive Market. “As a fast-growing business, we wanted to simplify our stack and invest in a robust data infrastructure that could easily scale at the pace of our increasing user and data volume. We were already leveraging Amplitude’s deep analytics capabilities within our product, so using Amplitude CDP was a powerful and cost-effective solution for our team. Amplitude CDP now helps power our 360-degree view of our members, allowing us to focus on 1:1 personalization and driving customer lifetime value.”

A RealCDP-certified solution, Amplitude CDP is available to Amplitude customers in the early access program today and will be generally available later this year. Amplitude CDP will be free of charge for customers streaming fewer than 10 million events per month, an offer more than 10 times better than some of the leading CDPs in the market. Learn more about Amplitude CDP here or request a custom Amplitude demo here.

Follow along via live stream, on Twitter, and on the Amplitude blog for more updates from Amplify 2022, the #1 product and growth conference, going on now through May 26, 2022.

About Amplitude

Amplitude is the pioneer in digital optimization software. More than 1,700 customers, including Atlassian, Instacart, NBCUniversal, Shopify, and Under Armour rely on Amplitude to help them innovate faster and smarter by answering the strategic question: "How do our digital products drive our business?" The Amplitude Digital Optimization System makes critical data accessible and actionable to every team — unifying product, marketing, developers, and executive teams around a new depth of customer understanding and common visibility into what drives business outcomes. Amplitude is the best-in-class product analytics solution, ranked #1 in G2’s 2022 Spring Report. Learn how to optimize your digital products and business at amplitude.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220525005041/en/

Communications

Darah Easton

press@amplitude.com

Source: Amplitude, Inc.

FAQ

What is Amplitude CDP and how does it impact Amplitude's business?

Amplitude CDP is an insights-driven customer data platform integrated with Amplitude's product analytics, aimed at improving data quality and reducing costs.

When will Amplitude CDP be generally available for users?

Amplitude CDP is currently in an early access program and will be available generally later in 2022.

What are the benefits of using Amplitude CDP?

Key benefits include improved data quality, better audience discovery, reduced costs, and accelerated time-to-insights.

How does Amplitude CDP help in customer engagement?

Amplitude CDP helps teams discover new audiences and sync data effectively, thereby enhancing customer engagement.

What is the estimated market size for CDPs by 2027?

The customer data platform market is estimated to reach $20.5 billion by 2027.